US Casino Stocks At Highest Point Since May
MGM Mirage Last week was the first strong week across the board that US based casino companies have had on the stock market in months. Shares rose continually throughout the week, and it left the companies hoping that the new week will bring more of the same.
The Macau gaming industry is what fueled the spike in stock prices last week for several of the biggest US companies. Las Vegas Sands and MGM Mirage led the way on Friday with surprisingly high gains.
Las Vegas Sands stock jumped up 7.19%, to $10.88 by the close of the week. It was the highest that the stock price has been since early May, when the price was $11.34 a share.
MGM Mirage, meanwhile, had been seeing its stock steadily drop since a boost back in the second week of May. That was a time when the company assured investors that the funds would be available to finish the CityCenter project in Las Vegas. On Friday, MGM stock closed at $7.73, up 6.47%.
Another major company, Wynn Resorts, also climbed Friday. Wynn has been the most steady of all the casino company stocks, and it closed the week at $47.29. Wynn’s previous high mark for the year was $49.98, back on May 5th.
